Goldman Sachs, Talcott launch $1 billion Bermuda reinsurance sidecar
GS•Talcott comments and advisers
- "Establishing West Grove Re is another important step in Talcott's growth strategy, broadening our access to liabilities with varied costs of capital, while staying true to the strength of our platform as we continue to scale," said Imran Siddiqui, CEO of Talcott.
- Cleary Gottlieb Steen & Hamilton LLP, Kennedys Law LLP and Kirkland & Ellis LLP acted as legal advisors to Talcott.
Structure, funding and management
- The capital raise includes a credit facility and equity commitments from Talcott, Goldman Sachs Asset & Wealth Management and its clients.
- Goldman Sachs Asset & Wealth Management will oversee West Grove Re's private asset strategies, while other third-party firms are expected to manage the remainder of the portfolio.
- Under a quota share agreement, the sidecar will assume a portion of specific U.S. annuities originated by Talcott.
- Talcott will provide the sidecar with support services across actuarial, finance, compliance and risk functions.
Goldman Sachs and Talcott launch West Grove Re
Aug. 4 (Reuters) - Talcott Financial Group and Goldman Sachs have launched a Bermuda-domiciled reinsurance sidecar, West Grove Re, the life insurance provider said on Tuesday, which has so far raised $1 billion.
